Global Smart Ticketing Market
The GMI Research forecasts that the Smart Ticketing Market is witnessing an upsurge in demand over the forecast period. This is mainly due to increasing the entertainment, sports, BFSI, and transport industry.
Introduction of the Smart Ticketing Market
Smart ticketing is the billing system to electronically store a ticket on a microchip rather than being issued as a paper ticket. In most smart ticketing schemes, the microchip on which a ticket is stored is embedded in a smartcard. It uses the government-backed ITSO specification to enable simplified travel in both intraregional and interregional travel supported on different modes of transport.
Key Players of the Global Smart Ticketing Market:
- Confidex Ltd.
- Cubic Corporation
- Infineon Technologies AG
- Giesecke+Devrient GmbH
- Thales Group
- HID Global Corporation/ASSA ABLOY AB
- Conduent and Flowbird
- CPI Card Group Inc.
- Scheidt & Bachmann
- HID Global
Smart Ticketing Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Smart ticketing is considered a remarkable innovation in the ticketing system. It is highly economical and effective for passengers to manage their travels on public transport. The ticket offers the flexibility to stack credit amounts in advance, and in case if the ticket is stolen or lost, the individual can transfer or recover it. These solutions are highly compatible with the current smart systems and infrastructure. Thus, it helps to improve customer participation along with enabling them to access the data. In addition, the accelerating penetration of contactless bank cards and mobile applications is fuelling the market growth. Government across several nations largely emphasizes the execution of these ticketing systems, primarily in smart cities. In accordance with the Rail Delivery Group (RDF), the number of train journeys reached approximately 65 million with their introduction and implementation.
Furthermore, their surging demand from the sports, touring, and entertainment sector accompanied by the increasing prominence of blockchain will further strengthen the market size. Rapid Urbanization is another prominent driver contributing to market growth. According to the UN, approximately 55% of the world’s population, in 2019, lived in urban areas and is predicted to touch 68% by 2050 while adding around 2.5 billion people to the urban areas. However, the inflated cost concerned with the setup may hamper the market share. Moreover, the involvement of various organizations in the implementation of ticketing solutions requires excessive investment, which further curbs Smart ticketing market share.
Component Segment Drivers
Based on the component, the software is contemplated to expand at a higher rate over the forecast period. This is primarily due to the mounting demand for software to manage smart cards or smart media lifecycle. The software automated the customer interactions with the customer service executives, thus solving the individual’s query in less time.
Regional Drivers
Based on the regional coverage, Europe is expected to experience a faster growth in the near future owing to the prevalence of various solution vendors such as Gemalto, Infineon Technologies, and Giesecke+Devrient (Germany). The enlarging tourism industry has raised the market demand in Germany. In Paris, nearly 4 billion trips occur every year, making it one of the largest transit network countries providing travelers the advantage of contactless mobile ticketing. Thus, the growing endorsement of contactless mobile ticketing solutions is supplementing the market growth.
Smart Ticketing Market Segmentation:
Segmentation by Component
- Hardware
- Software
- Services
Segmentation by Application
- Parking
- Sports & Entertainment
- Transportation
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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